AUD/USD has hit the lower end of its 2+ month channel which looks like a bigger basing pattern. 2 hr Key Outside bar reversal at the beginning of April re-affirms that bulls are defending the 0.7550 support. Shorter term the pair may be forming an Inverse Head and Shoulders pattern with the Neckline on a 2hr close basis cited at 0.7665. Momentum is bearish so it could bring the pair down to 0.7586 which was the low point of the left shoulder. WATCH IT there for any signs of a reversal.